This article is from the Australian Property Journal archive
THREE sites at the Hallam Central Business Park in Melbourne’s south east have sold for $2.103 million.
Savills industrial executive Marcus Campagna who negotiated the deals with divisional director industrial Joseph Catanese said scarcity of serviced industrial land in the area is driving up prices with three allotments at Hallam selling for an average of $296 per sqm.
Located at the Hallam Central Business Park on Wedgewood Rd, the three sites totaling 7,100 sqm sold for a total of $2.103 million.
“Land cannot come on quick enough to satisfy the current demand from tenants, owner-occupiers and developers,” Campagna said. “State and local government planning delays were a significant contributor to the land shortage and the consequent shortage of building stock,”
According to Savills Australia research land prices have risen from the $200 to $290 per sqm range of 12 months ago.
The purchaser was Linds Rehabilitation Equipment. The vendor’s details were not available.
Australian Property Journal
